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Obama Targets Foreclosures in Calif.

President Barack Obama says California will receive $145 million to help communities hard-hit by the foreclosure crisis.

The Department of Housing and Urban Development funds will be used to purchase and rehabilitate vacant, foreclosed homes and resell them. The president says the funds will also provide mortgage assistance and rehabilitation loans for low-income and middle-income families.

Obama announced the funds at a town-hall style meeting in Los Angeles on Thursday.

The White House did not immediately provide details on how and where the funds would be distributed.
 

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